Global Nickel Market Saw Nominal Deficit Until Nov '18

SEATTLE (Scrap Monster): The world apparent demand for nickel exceeded production by 6.5 kt, thereby recording deficit market during the first eleven months of the previous year. This is with reference to the most recent trade statistics published by the World Bureau of Metal Statistics (WBMS). It must be noted that the primary nickel market had reported a deficit of 41.3 kt during the whole of 2017.

The reported nickel stocks held at the London Metal Exchange (LME) at the end of November in 2018 declined modestly by 154kt, when compared with the year end closing level in 2017. The refined metal production during Jan-Nov ’18 totaled 2.079 million tonnes (Mt), whereas the demand totaled 2.085 Mt. The mine production too edged higher by 289kt over the previous year at 2.169 Mt during January to November in 2018.

The world apparent demand for nickel surged higher by 168kt year-on-year. The Chinese apparent demand too was up by 127kt than in the previous year.

The monthly smelter/refinery output of nickel totaled 212.40 kt in November 2018. At the same time, consumption totaled 201.50kt.

According to WBMS data, world tin market recorded a marginal deficit of 13.4 kt during Jan-Nov ‘18. On the other hand, zinc market was in surplus by 65.1 kt, as compared with the deficit of 438kt recorded during the entire year 2017. The lead market continued to remain in deficit of 203 kt through November last year. It must be noted that the market had reported deficit of 386 kt in the whole of 2017.